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Rexford Industrial Realty (Rexford Industrial Realty) Piotroski F-Score : 5 (As of Apr. 28, 2024)


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What is Rexford Industrial Realty Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Rexford Industrial Realty has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Rexford Industrial Realty's Piotroski F-Score or its related term are showing as below:

REXR' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Rexford Industrial Realty was 8. The lowest was 4. And the median was 6.


Rexford Industrial Realty Piotroski F-Score Historical Data

The historical data trend for Rexford Industrial Realty's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Rexford Industrial Realty Piotroski F-Score Chart

Rexford Industrial Realty Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 4.00 7.00 5.00 7.00

Rexford Industrial Realty Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 6.00 6.00 7.00 5.00

Competitive Comparison of Rexford Industrial Realty's Piotroski F-Score

For the REIT - Industrial subindustry, Rexford Industrial Realty's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Rexford Industrial Realty's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Rexford Industrial Realty's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Rexford Industrial Realty's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 54.193 + 58.966 + 64.351 + 61.371 = $238.9 Mil.
Cash Flow from Operations was 83.183 + 108.872 + 115.987 + 133.756 = $441.8 Mil.
Revenue was 195.766 + 205.399 + 210.425 + 214.096 = $825.7 Mil.
Gross Profit was 151.456 + 157.314 + 161.166 + 166.614 = $636.6 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(10239.145 + 10225.493 + 10577.464 + 10929.829 + 12381.123) / 5 = $10870.6108 Mil.
Total Assets at the begining of this year (Mar23) was $10,239.1 Mil.
Long-Term Debt & Capital Lease Obligation was $3,349.1 Mil.
Total Current Assets was $616.4 Mil.
Total Current Liabilities was $445.0 Mil.
Net Income was 38.611 + 39.28 + 43.277 + 60.506 = $181.7 Mil.

Revenue was 149.118 + 162.747 + 178.587 + 186.236 = $676.7 Mil.
Gross Profit was 113.713 + 123.133 + 136.532 + 143.411 = $516.8 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(7264.072 + 7878.938 + 8898.697 + 9259.283 + 10239.145) / 5 = $8708.027 Mil.
Total Assets at the begining of last year (Mar22) was $7,264.1 Mil.
Long-Term Debt & Capital Lease Obligation was $2,230.7 Mil.
Total Current Assets was $382.3 Mil.
Total Current Liabilities was $311.0 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Rexford Industrial Realty's current Net Income (TTM) was 238.9. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Rexford Industrial Realty's current Cash Flow from Operations (TTM) was 441.8. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar23)
=238.881/10239.145
=0.02333017

ROA (Last Year)=Net Income/Total Assets (Mar22)
=181.674/7264.072
=0.02500994

Rexford Industrial Realty's return on assets of this year was 0.02333017. Rexford Industrial Realty's return on assets of last year was 0.02500994. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Rexford Industrial Realty's current Net Income (TTM) was 238.9. Rexford Industrial Realty's current Cash Flow from Operations (TTM) was 441.8. ==> 441.8 > 238.9 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=3349.12/10870.6108
=0.3080894

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2230.687/8708.027
=0.25616446

Rexford Industrial Realty's gearing of this year was 0.3080894. Rexford Industrial Realty's gearing of last year was 0.25616446. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar24)=Total Current Assets/Total Current Liabilities
=616.424/445.037
=1.38510731

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=382.307/310.974
=1.22938574

Rexford Industrial Realty's current ratio of this year was 1.38510731. Rexford Industrial Realty's current ratio of last year was 1.22938574. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Rexford Industrial Realty's number of shares in issue this year was 214.438. Rexford Industrial Realty's number of shares in issue last year was 195.779. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=636.55/825.686
=0.77093471

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=516.789/676.688
=0.76370351

Rexford Industrial Realty's gross margin of this year was 0.77093471. Rexford Industrial Realty's gross margin of last year was 0.76370351. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar23)
=825.686/10239.145
=0.08064013

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=676.688/7264.072
=0.09315546

Rexford Industrial Realty's asset turnover of this year was 0.08064013. Rexford Industrial Realty's asset turnover of last year was 0.09315546. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Rexford Industrial Realty has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Rexford Industrial Realty  (NYSE:REXR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Rexford Industrial Realty Piotroski F-Score Related Terms

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Rexford Industrial Realty (Rexford Industrial Realty) Business Description

Address
11620 Wilshire Boulevard, Suite 1000, Los Angeles, CA, USA, 90025
Rexford Industrial Realty Inc is a real estate investment trust primarily engaged in the acquisition, ownership, and operation of industrial properties in Southern California. The company mainly focuses on leasing facilities in infill markets or relatively wealthy urban areas with a general scarcity of developable land. The vast majority of Rexford's real estate portfolio, in terms of square footage, revenue generation, and total value, comprises light manufacturing and distribution warehouse buildings located in Los Angeles and San Diego. The company's largest tenants are firms in the wholesale and retail, light manufacturing, industrial equipment, and food and beverage industries.
Executives
Laura E Clark officer: Chief Financial Officer 11620 WILSHIRE BOULEVARD, SUITE 1000, LOS ANGELES CA 90025
Howard Schwimmer director, officer: Co-CEO, Co-President 11620 WILSHIRE BOULEVARD, SUITE 300, LOS ANGELES CA 90025
David E. Lanzer officer: General Counsel 11620 WILSHIRE BLVD, SUITE 1000, LOS ANGELES CA 90025
Angela L. Kleiman director 1100 PARK PLACE, SUITE 200, SAN MATEO CA 94403
Michael S. Frankel director, officer: Co-CEO 11620 WILSHIRE BOULEVARD, SUITE 300, LOS ANGELES CA 90025
Debra L Morris director 11620 WILSHIRE BOULEVARD, SUITE 1000, LOS ANGELES CA 90025
Richard S Ziman director C/O AVP ADVISORS INC., 10940 WILSHIRE BLVD., STE. 1950, LOS ANGELES CA 90024
Adeel Khan officer: Chief Financial Officer 11620 WILSHIRE BOULEVARD, SUITE 300, LOS ANGELES CA 90025
Steven C Good director 11755 WILSHIRE BOULEVARD, SUITE 1700, LOS ANGELES CA 90025
Diana J Ingram director 11620 WILSHIRE BOULEVARD, SUITE 1000, LOS ANGELES CA 90025
Tyler H Rose director 12200 W OLYMPIC BLVD, SUITE 200, LOS ANGELES CA 90064
Peter E Schwab director C/O TENNENBAUM CAPITAL PARTNERS, LLC, 2951 28TH STREET, SUITE 1000, SANTA MONICA CA 90405
Jonathan Abrams officer: General Counsel 355 SOUTH GRAND AVENUE, SUITE 3300, LOS ANGELES CA 90071
Joel S Marcus director C/O ALEXANDRIA REAL ESTATE EQUITIES, INC, 26 NORTH EUCLID AVENUE, PASADENA CA 91101
Leslie E Bider director 1299 OCEAN AVENUE, SUITE 1000, SANTA MONICA CA 90401